The House of Representatives says the operating licences of the five Electricity Distribution Companies (DISCOs) in the country, expired in October, urging them to renew their licences for operations.
Rep. Bamidele Salam, the Chairman of the Public Account Committee of the House, said this at the resumed investigative hearing on the operations of the DISCOs in Abuja on Thursday.
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Salam emphasised the financial instability of some DISCOs and their inability to access the intervention fund intended to enhance their capacity.
“Under the terms of the agreement signed with the apex bank and the Project Management Office (PMO), the DISCOs are obligated to repay the substantial loan within 120 months,” he said. (NAN)